As shown above, in the last quarter only 400 cents were collected from the 2008 outstanding debt!

Overall there is NO material debt collections shown over the last 2 years with only small drip, drip, drip, drip collections which shows that no court resolutions have been achieved.


Today's debt is now nearly 4 times the level of 2009 when the global crash was at its peak!




Average Debt per property in debt (excluding PW).



Even though the number of privately owned properties in debt is slightly falling from 319 properties to 250 properties...............


The average debt per debt has increased by 34% per property over the year implying that there are in excess of 250 properties that are not contributing to any community fees at all in 2014:



This rate of increase is alarming and shows the debt position to be deteriorating further as we move into 2015. No wonder Nigel resigned and Ron has clearly stated that we will not seek reappointment in March 2015!

Phases 1 and 5 contribute move debt than any other phases:



Conclusions

Debtors - We need detailed debtors information:
  • How many debtors have finally been traced and replied to their debt outstanding position (xxx out of 250)
  • How many debtors have an agreed documented repayment plan (xxx out of 250)
  • How many debtors have started to go through the court process i.e. court papers raised and court hearing date scheduled (xxx out of 250)
  • How many debtors have a court order for repayment (xxx out of 250)
  • How many debtors have a balliffs order pending i.e. seizure of assets (xxx out of 250)
  • What weekly updates and review occurs for each debtor
  • How often do the Committee review debtors in their Committee meetings as their documented Committee minutes appear not to clearly state this is happening!

Please note that we have previously been informed, by the previous Resort President in charge of debtors at that time, that the majority of debtors have yet to be traced hence the problems we all face today!

Phase Presidents should be congratulated for standing for office however exactly what do they do, if anything, in reviewing and actioning each of the own phase debtors?

Phase debtors without PW or surcharges applied

Resort Budgets - We need to set these on the actual cash collected otherwise we are just building a bad debt problem which will still be paid for in the end.

Polaris World - We now need to seize the town centre building assets as security against the debts owed.

We have previously stated that appropriate action has to take place NOW otherwise debtors will soon exceed 2 million euros - a date that is now not to far away!

Time to move on......
Time for change.....
Time for Action!